Kazakhstan, Azerbaijan expand cooperation in tax sphere

The Kazakh parliament has approved a bill aimed at expanding cooperation with Azerbaijan in the tax sphere.

The bill entitled "On the ratification of the protocol between Kazakhstan and Azerbaijan on the introduction of amendments and additions to the Convention between Kazakhstan and Azerbaijan to avoid double taxation and prevent tax evasion with respect to income and property", dated Sept.16, 1996 .

The document aimed at developing cooperation between the tax authorities of both states by increasing the exchange of information, as well as applying domestic legislation when tax evasion and abuse of the provisions of the Convention are revealed.

Trade turnover between Kazakhstan and Azerbaijan grew by $3 million last year. In 2017 the trade turnover between Kazakhstan and Azerbaijan amounted to $127 million, and in 2016 this figure was estimated at over $124 million.

Economic cooperation is developing in industries like energy and agriculture. Currently, 700 Azerbaijani companies work in Kazakhstan.

With the modernization of the ports and launch of new railway branches between the two countries, the cargo flow has significantly increased. The next stage of development is the study of promising energy projects.

Over the past 10 years, Azerbaijani investments in Kazakhstan amounted to $ 168 million, and investments from Kazakhstan to Azerbaijan about $ 20 million.